The clinical data analytics market is growing profusely. The largest market share attributes to the rapidly accumulating structured and unstructured data in the burgeoning healthcare sector. Besides, rising uptake of technology analytics services, such as descriptive and predictive/ prescriptive in healthcare organizations to handle data sets, foster the market growth.
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Pharmaceutical and biotechnological companies are harnessing big data capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes. Therefore, the increasing adoption of big data analytics and numbers of pharmaceutical and biotechnological companies increases the market size. Moreover, raising awareness about advantages and diversity of clinical & financial analytics changes the clinical data analytics market size dynamics
According to Market Research Future (MRFR), the global clinical data analytics market is poised to create a valuation of USD 26,586.99 MN by 2025. In its recent clinical data analytics market forecast, MRFR foretells the market growth would register a whopping double-digit CAGR of 30.90 % during the forecast period (2019-2025). Government initiatives like the release of data from agencies like the FDA and CDC to help research activities increase the clinical data analytics market size.
Additionally, increasing government initiatives and funding from private sectors for the development of clinical data analytics boost the growth of the market. Also, advances in mHealth, the Internet of Things (IoT), and wearables increase the market demand. Moreover, increasing pressure to curb healthcare costs influences the growth of the market. On the other hand, prohibitive prices of big data analytics is a significant factor expected to impede the market growth.
Clinical Data Analytics Market – Segments
The report is segmented into four dynamics;
By Deployment Model: On-Premise and Cloud-Based.
By Application: Quality Care, Population Health Management, Clinical Decision Support, Precision Health, Reporting & Compliance, among others.
By End User: Pharmaceutical Companies, Healthcare Providers, Academics & Research Institutes, and others.
By Regions: Americas, Europe, APAC, and Rest-of-the-World.
Clinical Data Analytics Market – Geographical Analysis
North America dominates the global clinical data analytics market. The largest market share attributes to the increasing advances in information technology and the early adoption of advanced healthcare IT. Besides, the strong presence of many big data companies and well-established healthcare sectors in the region foster market growth. Moreover, the federal government’s reforms of healthcare policies and increased focus on big data management substantiate the North American clinical data analytics market.
Europe stands second in the global clinical data analytics market. The market is driven by rising medical expenses and demand to curb rising healthcare costs. Increasing per capita medical expenditures drive the clinical data analytics market in the region. Also, the presence of better healthcare facilities and rapid advancements in healthcare IT propel the regional market’s growth. The European clinical data analytics market is projected to create a substantial revenue pocket during the estimated period.
The clinical data analytics market in the Asia Pacific region is growing rapidly. Factors such as the increasing clinical trials and the aging population in this region drive the market growth. Furthermore, increasing patient pool demands using healthcare data analytics to manage big data substantiates regional market growth. China and India are leading markets in the region with large unmet needs. The APAC clinical data analytics market is expected to grow at a modest CAGR during the review period.
Clinical Data Analytics Market – Competitive Analysis
Highly competitive, the global clinical data analytics market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Technology providers invest substantially in the development of novel technologies and upgrades. Industry players focus on optimized situational awareness for customers to ensure their mission success.
Players leading the global clinical data analytics market include Cerner (US), Athenahealth, Inc. (US), International Business Machines Corporation (US), Xerox (US), and McKesson (US), among others.
July 15, 2020 —- IBH Population Health Solutions, a national leader in behavioral health technology and services, launched its new Provider Clinical Data Analytics technology platform, developed in partnership with Lyssn.io, Inc. The new technology utilizes artificial intelligence (AI) and machine learning to improve the quality and outcomes of talk therapy counseling. This program was the newest initiative from IBH’s Dysruption lab, a corporate incubator IBH created, enabling rapid prototypes and deploys new clinically validated advancements in healthcare delivery.
Lyssn creates AI-enabled technology solutions that can examine and support therapy’s effectiveness by offering ongoing feedback and skill development for psychotherapy professionals. Practice variability is high, and conformance to evidence-based protocols is particularly challenging to assess in care delivered via the spoken word.
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